The Premier League giants, including Chelsea, Man City and Tottenham are among the clubs set to join a new European Premier League.
According to SkySports, the tournament will get funding of $6 billion (£4.6 billion), and will include other European power clubs from France, Germany, Italy and Spain, all currently negotiating about becoming founder members of the competition.
The report futher adds that the discussions to reach a launch date will be made in 2022, for what wil be an 18-club event that will include a knockout stage similar to the UEFA Champions League.
"Sources said that FIFA, football's world governing body, had been involved in developing the new format, which is expected to comprise up to 18 teams, and involve fixtures played during the regular European season," SkySports explained.
"The top-placed teams in the league would then play in a knockout format to conclude the tournament, with prize money for the winners expected to be worth hundreds of millions of pounds each year.
"European Premier League - key points
- Liverpool, Man Utd in talks about joining new FIFA-backed tournament; Arsenal, Chelsea, Man City, Tottenham reportedly also approached
- As many as five English clubs could sign up
- More than a dozen teams from England, France, Germany, Italy and Spain said to be in negotiations
- Format would comprise up to 18 teams, with home and away fixtures played during regular European season
- Top-placed teams would play in knockout tournament
- Provisional start date as early as 2022
- Wall Street bank JP Morgan in talks to provide £4.6bn in funding
- Tournament could usurp Champions League," added the outlet's report.
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